Aug-27-08 DCA and HMFA Welcome Woodbridge as Newest Member of Live Where You Work Homebuyer Program

DCA & HMFA WELCOME WOODBRIDGE AS NEWEST MEMBER OF LIVE WHERE YOU WORK HOMEBUYER PROGRAMWoodbridge is Third Municipality to Partner with Agencies on Program

WOODBRIDGE, N.J. – Woodbridge Mayor John McCormac and Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia joined Department of Community Affairs’ (DCA) Commissioner Joseph Doria today at 239 Wall Street, a 3-bedroom home in the Menlo Park Terrace neighborhood, to announce that Woodbridge is the newest member of the Live Where You Work Program. Woodbridge is the third municipality to partner with HMFA on the program.

“Live Where You Work is a key component in assisting those hard working middle class individuals who wish to live the American Dream of owning their own home,” said Commissioner Doria. “I thank Mayor McCormac and Woodbridge for their commitment and dedication to working with us and we encourage more municipalities to join the program.”

The Live Where You Work Program is a work force housing initiative that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed. Other benefits include down payment and closing cost assistance for the purchase of a home within Smart Growth Areas and flexible underwriting criteria for the loan qualification process. Homes must be located in a municipality that has become a Live Where You Work partner with HMFA. The Live Where You Work initiative further enhances Governor Corzine’s efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation and affordable housing opportunities for residents.

“Woodbridge Township is excited to be a partner in the New Jersey ‘Live Where You Work’ program. We are committed to making homeownership more affordable not only for Woodbridge Township residents, but for those who work in town and want to live here,” said Mayor McCormac. “By partnering with the New Jersey Housing and Mortgage Finance Agency and the ‘Live Where You Work’ program, we are able to enhance housing affordability for residents and Township workers. As a result of this opportunity, many more Woodbridge Township families and workers, and first-time home buyers, will be better able to negotiate the current economic times by taking advantage of a program that provides real incentive and benefit to purchasing a home right here in the Township.”

As a result of this partnership, people working in Woodbridge who are interested in buying a home in the Township will be able to take advantage of the Live Where You Work program incentives. Live Where You Work is administered by the HMFA, a DCA affiliate.

“This is a program that makes so much sense in today’s market and economy. With its central location and great neighborhoods, Woodbridge has always been a fantastic place to buy a home”, said Marge DellaVecchia. “Now, Live Where You Work makes it even more affordable and compelling. It is a way to save money, cut down on commuting time, develop a closer connection to the town and get an affordable and reliable mortgage. It is the perfect mix!”

To learn about how to get a Live Where You Work mortgage, please call 1-800-NJHOUSE. For more information about how municipalities can join Live Where You Work, please call 609-278-7478. Or, you can visit the Live Where You Work website at www.livewhereyouwork.nj.gov.